Rise in steel prices in past one year impacting real estate – CREDAI

The Confederation of Real Estate Developers’ Associations of India (CREDAI), in a letter to the prime minister office (PMO) today said that the prices of steel have undergone a surge in the last year and are impacting the overall real estate market. CREDAI urged the government to intervene in the matter and help stabilise the undue hikes in the steel prices.

Jaxay Shah, president, CREDAI said, “It is imperative that the government intervene and regulate prices for the benefit of all stakeholders of real estate, especially the consumers, who are having to bear the cascading effects of the increase in costs. The sharp increase in prices of steel in the past six months have increased input costs for the real estate sector making housing less affordable for lower income groups.”

The steel prices have shot upwards from Rs 29,000-32,000 per tonne in 2016 to Rs 51,000-54,000 per tonne; which is an increase of about 40%.Source : ECONOMIC TIMESYaang Pipe Industry Co., Limited (www.yaang.com)